Daily Number

47

June 7, 2012

New Jersey’s economic reality is being lumped in with the worst states in the country, as new numbers from the U.S. Department of Commerce show the Garden State lost .5 percent of its GDP (Gross Domestic Product) placing it 47th
in the country in terms of economic recovery. The only states producing a worse economic outlook were Alabama, Mississippi, and Wyoming.

The country as a whole grew 1.5 percent in 2011, and 43 states and the District of Columbia gained strength. New Jersey’s neighboring states all gained at least 1 percent in GDP.

The biggest laggards were not durable goods manufacturing, professional, scientific, technical services, or information services, all of which gained slightly in real GDP. Instead, the drop in GDP was mostly in real estate, utilities, construction, transportation and warehousing, agriculture, educational services and government.

In response to the Commerce Department’s announcement, Assembly majority leader Lou Greenwald issued a statement saying that Gov. Chris Christie has to take a hard look at the numbers and see that New Jersey is actually losing ground. “The governor needs to finally understand that slogans don’t create economic output,” said Greenwald, referring to Christie’s continual boasting of a “Jersey Comeback.”